Product Development is important to your business. By bringing new products to market, you open up new opportunities for growth in your company.
New product development is one of the most important things that your marketing strategy will focus on.
The product development process can become quite complicated if you’re not careful and pay close attention to each of the steps and who is involved.
Before starting your next new product development, answer these five questions so that you can be successful and get your new products and services to the market faster.
Question 1: Who should be involved in the product development process?
There is probably no other issue that will slow down the product development process than not having the right people involved in your product development process.
You need to carefully ask yourself who should be included in the project and who should not be included in the project.
What are the specific roles that each individual should play? How much input do we need from each person? What is the process that we will use to get information to all the individuals that are involved in the product development process?
Only after you have determined who should be involved in the product development process should you move on to the next step.
Question 2: Have we carefully thought about the risks associated with new product development?
While it is true that there is a huge growth potential in developing a new product, there’s also a lot of risk to your company. One of the first questions you have to ask is, “Have we carefully measured the amount of risk of this new product development on our company?” In some cases, it might be better to focus your efforts on marketing your existing products rather than budgeting for a new product.
Only you will know that information, but it’s critical that you have a plan in place so that you can accurately assess the amount of risk your company will take on while pursuing this new product development process.
Question 3: What is our expected time to market for this new product?
It’s difficult to have a successful product development project if you don’t have a good idea of how long you expect the process to take. Are you planning on developing a product over the next year? What’s your vision and expected completion date for this product? How much time can you spend on the development of this product, and is it enough time to get the product properly developed? Having realistic time-to-market goals for your new product is very critical to overseeing a successful product development process?
Question 4: What are the company best practices that need to be adhered to in the product development process?
Your own company’s policies and procedures will dictate what you can and cannot do in the product development process.
Before beginning any new product development, you should spend some time refreshing over your company mission statement so that you make sure your new product vision is in line with the direction that your company is headed.
There’s no point to begin the arduous work of developing a new product if you don’t know that the new product fulfills the mission statement of your company.
Question 5: Can we improve the product development process by analyzing information from a past development?
If you’ve already developed a product before, it’s likely that you have some data and information from the previous product development process.
The question you have to ask yourself is, “Can we use that information to make this product development project more efficient?”
Oftentimes, by carefully analyzing your past product development notes, you can avoid future pitfalls by adhering to the wisdom of that information. There’s no reason to go through the same pitfalls in this product development process as you did when you developed the previous product.
Better Product Development From 5 Simple Questions
While answering these five questions may seem fairly obvious, it’s only by adhering to these principles that we can set up solid product development projects that reduce our risk, and provide a solid foundation for new product development.
Answering these simple questions ensures that your product development process gets stronger every time you set out to develop a new product or service for your company.